At the time, we learned from the AICPA's James Brackens that from 2008 to 2010, only 8% of the audit firms that participated in the peer review had a finding of "pass with deficiency." Deloitte's "PwD" was the first ever for a Big 4 firm. Quite a shocking revelation. Because this was such a surprise, perhaps you thought that this finding by Ernst & Young was a sign of things to come. That a rash of PwDs would spread among the public accounting community, causing a crisis of confidence, and resulting in spiteful, retaliatory findings between accounting firms would plague the industry for years to come, bringing it to the brink of destruction.